Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries Ltd (RIL). Rallying for the fifth day in a row, Sensex climbed 211 points to settle at 62,504.8, its fresh record closing high. The Nifty gained 0.27% to end at its record closing high of 18,562. In the broader market, the BSE smallcap gauge climbed 0.77% and midcap jumped 0.72%.
Day trading guide for stock market today –
“Nifty as per weekly chart is in a sharp uptrend movement and there is no sign of any tiredness/reversal observed at the highs. Having registered a new all time high, the next upside target to be watched for Nifty is at 0.786% fibonacci extension at 18,955 levels (taken from the June bottom, Sept top and Sept higher bottom-as per weekly chart). This could be achieved in the next 1-2 weeks. Immediate support is placed at 18,350 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“On the daily chart, Nifty has averted a bearish reversal by failing a hanging man pattern formation. The momentum indicator RSI is in bullish crossover and rising, suggesting a rise in ongoing bullish momentum. The short term trend looks positive. On the lower end, support is placed at 18,400. On the higher end, resistance is placed at 18,616/18,800,” said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts –
Anuj Gupta, Vice President – Research at IIFL Securities
Wipro: Buy WIPRO, stop loss ₹490, target ₹530
Punjab National Bank: Buy PNB, stop loss ₹49, target ₹60
Sumeet Bagadia, Executive Director at Choice Broking
Britannia: Buy Britannia, stop loss ₹4,150, target ₹4,300-4,340
Asian Paints: Buy Asian Paints, stop loss ₹3,075, target ₹3,250-3,300
Mehul Kothari, AVP-Technical Research at Anand Rathi
ITC: Buy ITC, stop loss ₹332, target ₹355
Adani Port: BUY Adani Port, stop loss ₹865, target ₹910
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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